MGAs remain one of the most dynamic segments of the U.S. P&C insurance market as scale, talent migration and alternative distribution continue to reshape the landscape. In 2025, estimated MGA premium exceeded USD125 billion (including those not reported under National Association of Insurance Commissioners (NAIC) Note 19), representing growth of approximately +10%. While below the pace seen from 2021-2024, sustaining double‑digit growth on a materially larger premium base underscores the market's continued momentum.
Our composite of 25 program carriers led this expansion, with gross written premium increasing +14% to USD33.1 billion. MGAs now account for approximately 12.5% of total U.S. P&C premium, reinforcing their position as a key destination for underwriting talent and distribution partnerships. Market leadership continues to broaden, with thirteen program carriers now writing more than USD1 billion in premium.
Reinsurance and third‑party capital remain central to supporting this next phase of MGA growth. In 2025, the carrier composite ceded 64% of non‑affiliate gross written premium, down from prior years, as improving reinsurance conditions supported capital formation and increased risk retention. As the market continues to mature, carriers and MGAs are increasingly focused on capital efficiency, portfolio mix, and underwriting performance, particularly in segments such as non‑standard auto.
In this report, we review:
- Growth trends across MGAs and program carriers
- Business mix and premium concentration by line
- Reinsurance utilization and capital support structures
- Improving non‑standard auto performance
- Key market themes shaping the MGA outlook
View the Gallagher Re Program Solutions page to learn more about insurance, reinsurance and alternative distribution solutions for the agency sector by Gallagher Re.